Amid stabilising oil prices and a projected global growth of US$30 billion by 2025, Europe’s FPSO market is grappling with changing standards and sustainability issues.
At the same time, an ageing workforce, manpower shortages and rising costs continue to pose significant challenges for Europe’s FPSO industry. While overall market sentiment remains positive — with eight projects to be developed over the next decade — oil and gas professionals have to continue considering ways to move the industry forward to ensure long-term success.
This includes strengthening public-private partnerships, improving sustainability efforts, incorporating digitisation and automation, and exploring creative financing models to keep FPSO projects afloat in the North Sea.
Download our market report to find out more about the state of the industry.
Mark your calendar, 17-20 February 2020, FPSO Europe Congress will be back for its 6th edition. Take a look at our FPSO Europe Congress 2020 agenda.
Our theme for next year is "Maximising Europe’s Marginal & Brownfield Reserves". We'll be looking at topics on Redeployment, Life Extension & Late-Life Operations | Autonomous FPSOs | Asset Integrity, Safety & Standards
Some of our new and exciting speakers include:
- Paul Culpin, Development Manager, Rockhopper Exploration Limited
- William Cunningham, Research Analyst Oil & Gas, IHS Markit
- David T. Walker, HSE Energy Division Operational Policy Team Lead, UK HSE
- Tiger Govender, Director Terra Nova Operations, Suncor Energy
Download our agenda for more information!
Between 2020 and 2027, at least nine FPSO projects are set to develop or relocate in Europe, where shorter project lifespans and smaller fields translate to lower breakeven prices (approximately US$35/bbl) secure profitable projects for oil companies. Now that oil prices are stabilising at about US$60/bbl, this bodes well for the future of the FPSO market in the region.
Since 2018, three projects have been awarded in Norway and the UK: last year, Fluor secured the contract for a new-build FPSO for Shell’s Penguins project, while Teekay Offshore won a redeployment order for the Petrojarl Varg FPSO for Alpha Petroleum’s Cheviot project (both in the UK).
Stay at the forefront of your key prospects’ minds! The FPSO Global Events provides the ‘perfect platform’ to network with potential buyers who are aggressively seeking solutions in this market. Take a look our Sponsorship & Exhibition Prospectus to see a breakdown of our audience, attending companies, past sponsors and opportunities to maximise your experience.
Presented by: Andrew Young, VP of Projects & Delivery and Chris Smith, Northern Europe Sales Director of Akselos at FPSO Europe 2019